Yen Surges as US Banks Told to Check Key Rate Amid Speculation

The yen has seen significant gains against both the US dollar and euro on Friday, with speculation rising that Japanese authorities may intervene in the market to support the currency.

According to sources, at least two major US banks received requests from the New York Federal Reserve to check the exchange rate of the yen against the euro. This has led to increased speculation about potential intervention by the Japanese authorities.

The yen strengthened by over 1% against both the US dollar and euro during the New York trading session on Friday, with its value rising as traders anticipated potential support from the Japanese government.